The Macroeconomics Of Remittances In The Philippines
This article first explores the cyclical dynamics ofremittances, and then, analyzes the macroeconomicimpact of remittances and the monetary policy implications.In this endeavor, we use the case of thePhilippines, one of the countries where remittancesare substantial. A dynamic structural quarterlymacroeconometric model of the Philippines is usedto trace the various channels through which remittancesaffect the main macroeconomic variables.In the assessment of the impact of the 2008 globalfinancial crisis, we should also consider the remittancesas a transmission channel. We haveestablished that remittances are driven by the economiccycle of the main host countries and thatthe ongoing recession will thus lead to a decline intransfers. Through our model, we have been ableto trace the impact of changes in remittances onimportant economic variables such as aggregatedemand, money supply and interest rates, the exchangerate, and labor supply and wages.
Volume (Year): 28 (2010)
Issue (Month): 61 (August)
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